The adoption of Bitcoin as a corporate reserve asset is accelerating: public companies have doubled their holdings in just two months.
The use of Bitcoin as a corporate treasury strategy is reaching unprecedented levels. According to a recent report from Standard Chartered, shared with several industry outlets, 61 publicly traded companies collectively hold 3.2% of all bitcoin in circulation.
Geoff Kendrick, global head of digital asset research at Standard Chartered, revealed that these 61 public firms — out of a total of 124 — now own 673,897 BTC.
The report highlights that 58 of the 61 companies analyzed have net asset value (NAV) multiples above 1, indicating that their market valuations exceed the value of their net assets.
The Strategy copycats
A significant takeaway from the report is the speed at which companies are accumulating bitcoin. The 60 companies considered “Strategy copycats” have doubled their holdings in the past two months, from under 50,000 BTC to about 100,000 BTC. Over the same period, Strategy added 74,000 BTC, compared to the 47,000 acquired by the other firms.
This movement continues to expand as new companies announce Bitcoin purchase plans via debt issuance. On June 3, Canadian renewable energy developer SolarBank officially announced its Bitcoin treasury strategy, filing an application to open an account with Coinbase Prime to secure custody services, manage USDC, and set up a non-custodial wallet for its Bitcoin holdings.
Meanwhile, Paris-based Blockchain Group announced a $68 million Bitcoin acquisition, while Norwegian crypto brokerage K33 raised $6.2 million to purchase BTC at the end of May.
